How do I open a bank account in Mexico as a foreigner?

Opening a bank account in Mexico is straightforward once you have residency, but more limited for tourists. Here's your complete guide:

For Residents (Temporary or Permanent)

Required Documents:

• Valid passport
• Temporary or permanent resident card
• Proof of address in Mexico (utility bill, bank statement, lease)
• RFC (Mexican tax ID) - some banks help you get this
• Mexican phone number
• Initial deposit (~$500-1,000 MXN minimum)

Best Banks for Expats:

Process:

1. Gather documents
2. Visit branch in person (can't open remotely as foreigner)
3. Meet with banker (1-2 hours typically)
4. Fill out application forms
5. Provide initial deposit
6. Receive debit card (often same day)
7. Set up online/mobile banking

For Tourists (No Residency)

Options are limited but possible:

Intercam Bank:

• Most tourist-friendly option
• Requirements: Passport, bank statement from home country
• No residency required
• Process takes 3-7 days
• Must apply in person

Why Most Banks Require Residency:

• Mexican banking regulations
• Anti-money laundering requirements
• Know Your Customer (KYC) rules

Alternatives for Tourists:

Getting an RFC (Tax ID)

Many banks require or strongly prefer an RFC:

• Can get with temporary or permanent residency
• Apply at SAT (tax authority) office
• Process takes a few hours
• Brings you into Mexican tax system

Important Banking Notes:

Currency:

• Personal accounts are in Mexican pesos only
• Cannot hold USD/CAD in personal accounts
• International transfers convert automatically

ATM Withdrawals:

• Most ATMs charge fees ($30-50 MXN)
• Your home bank may also charge fees
• Daily limits: ~$5,000-10,000 MXN
• Use bank ATMs inside branches for security

International Transfers:

• Banks charge high fees for incoming wires
• Use Wise, Remitly for better rates
• Some banks (BBVA) have better international services

Online Banking:

• Most banks have decent apps
• May require Mexican phone number for authentication
• Some features limited compared to US/Canadian apps

Tips for Success:

1. Bring more documents than you think you need - banks love paperwork
2. Go to a branch in an expat area - staff more experienced with foreigners
3. Bring someone who speaks Spanish if you don't
4. Be patient - Mexican bureaucracy is slow but works
5. Ask about RFC assistance - some banks help you get it
6. Keep your home country accounts - useful for international transactions

Common Issues:

• Address proof: If newly arrived, ask landlord for letter
• RFC: Some banks waive initially, require later
• Phone number: Get Mexican SIM first
• Patience: Process can take multiple visits

A Mexican bank account isn't essential right away - many expats use Wise and ATMs for months before bothering with local banking. But for long-term residence, having a Mexican account makes life easier for rent, utilities, and local transactions.